{"id":72,"date":"2020-04-01T19:56:53","date_gmt":"2020-04-01T11:56:53","guid":{"rendered":"http:\/\/charltonsnaturalresources.com\/?page_id=72"},"modified":"2021-03-03T10:46:29","modified_gmt":"2021-03-03T02:46:29","slug":"listing-process","status":"publish","type":"page","link":"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/listing-process\/","title":{"rendered":"Overview of Sponsor&#8217;s Role"},"content":{"rendered":"[et_pb_section fb_built=&#8221;1&#8243; admin_label=&#8221;Content4Layout&#8221; module_class=&#8221;content-wrapper4&#8243; _builder_version=&#8221;4.0.5&#8243;][et_pb_row admin_label=&#8221;Breadcrumb&#8221; _builder_version=&#8221;4.4.3&#8243; background_image=&#8221;\/legal\/common\/layout4_banner.jpg&#8221; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;3.25&#8243; custom_padding=&#8221;|||&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;Breadcrumb&#8221; module_class=&#8221;breadcrumb4-wrapper&#8221; _builder_version=&#8221;4.4.3&#8243;]<div class=\"section-title\">\r\n<h2>Sponsors<\/h2>\r\n<\/div>\t\r\n<div class=\"breadcrumb\">\r\n\t<ul><li><a href=\"\/\">Home<\/a><\/li><li><a href='https:\/\/charltonsnaturalresources.com\/en\/sponsors\/' title='Sponsors'>Sponsors<\/a><\/li><li><span>Overview of Sponsor&#8217;s Role<\/span><\/li><\/ul>\r\n<\/div>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;3_4,1_4&#8243; admin_label=&#8221;MainContent&#8221; module_class=&#8221;content4-main&#8221; _builder_version=&#8221;4.0.5&#8243;][et_pb_column type=&#8221;3_4&#8243; _builder_version=&#8221;4.0.5&#8243;][et_pb_text admin_label=&#8221;ContentMenuBar1&#8243; _builder_version=&#8221;4.4.3&#8243;]<div class=\"content-menubar\">\r\n<div class=\"page-menu-panel\">\r\n<h3>Sponsors<\/h3>\r\n<span class=\"hamburger\"><\/span>\r\n<\/div>\r\n<ul class=\"cm-parent\"><li class=\"page_item page-item-72 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/listing-process\/\">Overview of Sponsor&#8217;s Role<\/a>\n<ul class='children'>\n\t<li class=\"page_item page-item-81\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/listing-process\/listing-steps\/\">Appointments, Fees, Staffing and Controls<\/a><\/li>\n\t<li class=\"page_item page-item-82\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/listing-process\/application-for-listing\/\">Sponsor Independence<\/a><\/li>\n\t<li class=\"page_item page-item-83\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/listing-process\/publication-and-circulation-of-the-prospectus\/\">Preparation of Listing Document<\/a><\/li>\n\t<li class=\"page_item page-item-84\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/listing-process\/marketing-the-offer\/\">Sponsor&#8217;s Declaration<\/a><\/li>\n<\/ul>\n<\/li>\n<li class=\"page_item page-item-73 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/sponsors-due-diligence\/\">Due Diligence<\/a>\n<ul class='children'>\n\t<li class=\"page_item page-item-89\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/sponsors-due-diligence\/verification\/\">Sponsor Due Diligence Guidelines<\/a><\/li>\n<\/ul>\n<\/li>\n<li class=\"page_item page-item-74 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/pre-submission\/\">SFC Licensing and On-Going Compliance<\/a>\n<ul class='children'>\n\t<li class=\"page_item page-item-91\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/pre-submission\/competent-person\/\">Eligibility Criteria for Principals<\/a><\/li>\n<\/ul>\n<\/li>\n<li class=\"page_item page-item-75\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/coordination\/\">Interaction with Competent Persons and Other Experts and Third Party Advisers<\/a><\/li>\n<\/ul>\r\n<\/div>[\/et_pb_text][et_pb_text admin_label=&#8221;Title&#8221; _builder_version=&#8221;4.4.3&#8243;]<h1 class=\"content-title mt-30\">Overview of Sponsor&#8217;s Role<\/h1>[\/et_pb_text][et_pb_text admin_label=&#8221;Content&#8221; _builder_version=&#8221;4.4.8&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; hover_enabled=&#8221;0&#8243;]<p>Every company applying to list on the Hong Kong Stock Exchange (HKEX) must appoint a sponsor to assist with its listing application. The sponsor\u2019s role is to guide and advise applicants through the IPO process, assess applicants\u2019 suitability for listing and ensure sufficient disclosure in the prospectus.<\/p>\r\n<p>The sponsor will be responsible for overall management of the IPO and will be closely involved in the preparation of the listing documents. The sponsor will assist in addressing all matters raised by regulators in connection with the listing application. The sponsor will also carry out extensive due diligence on the listing applicant in order to assess the applicant\u2019s suitability for listing and to ensure that the prospectus contains sufficient disclosure for investors to form a valid and justifiable opinion of an applicant\u2019s financial condition and profitability. The sponsor will also assess the likely interest of investors in the IPO.<\/p>\r\n<p>The Hong Kong regulatory regime that governs sponsors and the sponsor\u2019s role in the IPO process is aimed at ensuring that sponsors thoroughly understand the listing applicant\u2019s business prior to filing a listing application. Under these rules, the emphasis is on early, comprehensive due diligence and a properly drafted and substantially complete prospectus to accompany the application. These rules were introduced in part as a response to a number of high profile cases involving difficulties at Hong Kong listed companies, where the Hong Kong Securities and Futures Commission (SFC) found significant deficiencies in the due diligence carried out by sponsors.<\/p>\r\n<p>The sponsor\u2019s regime includes statutory civil and criminal liability provisions for misleading information in a prospectus which applies to IPO sponsors. Criminal liability will depend on whether a sponsor firm knowingly or recklessly approved a prospectus containing an untrue statement (including an omission) that was materially adverse from an investor\u2019s perspective.<\/p>\r\n<p>Learn more on the sponsor due diligence <a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/sponsors-due-diligence\/verification\/\" >here<\/a><u>.<\/u><\/p>[\/et_pb_text][et_pb_text admin_label=&#8221;SubM-Children&#8221; _builder_version=&#8221;4.4.3&#8243;]<div class=\"page-submenu\"> \r\n<ul><li class=\"page_item page-item-81\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/listing-process\/listing-steps\/\">Appointments, Fees, Staffing and Controls<\/a><\/li>\n<li class=\"page_item page-item-82\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/listing-process\/application-for-listing\/\">Sponsor Independence<\/a><\/li>\n<li class=\"page_item page-item-83\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/listing-process\/publication-and-circulation-of-the-prospectus\/\">Preparation of Listing Document<\/a><\/li>\n<li class=\"page_item page-item-84\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/listing-process\/marketing-the-offer\/\">Sponsor&#8217;s Declaration<\/a><\/li>\n<\/ul>\r\n<\/div> [\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;1_4&#8243; _builder_version=&#8221;4.0.5&#8243;][et_pb_text admin_label=&#8221;SideMenu&#8221; _builder_version=&#8221;4.4.3&#8243;]<div class=\"side-menu\">\r\n<div class=\"side-menu-panel\">\r\n<h3>Sponsors<\/h3>\r\n<span class=\"hamburger\"><\/span>\r\n<\/div><ul class=\"cm-parent\"><li class=\"page_item page-item-72 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/listing-process\/\">Overview of Sponsor&#8217;s Role<\/a>\n<ul class='children'>\n\t<li class=\"page_item page-item-81\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/listing-process\/listing-steps\/\">Appointments, Fees, Staffing and Controls<\/a><\/li>\n\t<li class=\"page_item page-item-82\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/listing-process\/application-for-listing\/\">Sponsor Independence<\/a><\/li>\n\t<li class=\"page_item page-item-83\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/listing-process\/publication-and-circulation-of-the-prospectus\/\">Preparation of Listing Document<\/a><\/li>\n\t<li class=\"page_item page-item-84\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/listing-process\/marketing-the-offer\/\">Sponsor&#8217;s Declaration<\/a><\/li>\n<\/ul>\n<\/li>\n<li class=\"page_item page-item-73 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/sponsors-due-diligence\/\">Due Diligence<\/a>\n<ul class='children'>\n\t<li class=\"page_item page-item-89\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/sponsors-due-diligence\/verification\/\">Sponsor Due Diligence Guidelines<\/a><\/li>\n<\/ul>\n<\/li>\n<li class=\"page_item page-item-74 page_item_has_children\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/pre-submission\/\">SFC Licensing and On-Going Compliance<\/a>\n<ul class='children'>\n\t<li class=\"page_item page-item-91\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/pre-submission\/competent-person\/\">Eligibility Criteria for Principals<\/a><\/li>\n<\/ul>\n<\/li>\n<li class=\"page_item page-item-75\"><a href=\"https:\/\/charltonsnaturalresources.com\/en\/sponsors\/coordination\/\">Interaction with Competent Persons and Other Experts and Third Party Advisers<\/a><\/li>\n<\/ul>\r\n<\/div>[\/et_pb_text][et_pb_text admin_label=&#8221;Side posts thumbs&#8221; _builder_version=&#8221;4.4.3&#8243; saved_tabs=&#8221;all&#8221;]<div class=\"side-posts-v2\">\r\n<h2>Read our latest News<\/h2>\r\n<div class=\"thumb-v2\">\n\t\t<a href=\"https:\/\/charltonsnaturalresources.com\/en\/mosaic-to-sell-brazilian-phosphate-mine-in-125-million-deal\/\"><img decoding=\"async\" src=\"https:\/\/charltonsnaturalresources.com\/wp-content\/uploads\/mosaic-to-sell-brazilian-phosphate-mine-in-125-million-deal.jpg\" \/><\/a>\n\t\t<h5><span>15 Jan 2025<\/span> | <span>News<\/span><\/h5>\n\t\t<h3>Mosaic to sell Brazilian phosphate mine in $125 million deal<\/h3>\n\t\t<\/div><div class=\"thumb-v2\">\n\t\t<a href=\"https:\/\/charltonsnaturalresources.com\/en\/mali-to-get-1-2bn-from-miners-after-talks\/\"><img decoding=\"async\" src=\"https:\/\/charltonsnaturalresources.com\/wp-content\/uploads\/mali-to-get-1-2bn-from-miners-after-talks-1.jpg\" \/><\/a>\n\t\t<h5><span>15 Jan 2025<\/span> | <span>News<\/span><\/h5>\n\t\t<h3>Mali to get $1.2bn from miners after talks<\/h3>\n\t\t<\/div><\/div>\r\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]","protected":false},"excerpt":{"rendered":"<p>NATURAL RESOURCES News January 2025 Mali to get $1.2bn from miners after talks &nbsp; On 13 January 2025, Mali is set to receive 750 billion CFA francs ($1.2 billion) from miners in the first quarter of 2025, following an overhaul of its mining sector. This follows a December payment of 500 billion CFA francs after negotiations with mining companies, as stated by Finance [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":70,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"<!-- wp:paragraph -->\r\n<p>Every company applying to list on the Hong Kong Stock Exchange (HKEx) must appoint a sponsor to assist with its listing application. The sponsor's role is to guide and advise applicants through the IPO process, assess applicants' suitability for listing and ensure sufficient disclosure in the prospectus.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>The sponsor will be responsible for overall management of the IPO and will be closely involved in the preparation of the listing documents. The sponsor will assist in addressing all matters raised by regulators in connection with the listing application. The sponsor will also carry out extensive due diligence on the listing applicant in order to assess the applicant's suitability for listing and to ensure that the prospectus contains sufficient disclosure for investors to form a valid and justifiable opinion of an applicant's financial condition and profitability. The sponsor will also assess the likely interest of investors in the IPO.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>Recent changes have been made to the Hong Kong regulatory regime that governs sponsors to enhance various aspects of the sponsor's role in the IPO process and ensure that sponsors thoroughly understand the listing applicant's business prior to filing a listing application. Under the new rules, the emphasis will be on early, comprehensive due diligence and a properly drafted and substantially complete prospectus to accompany the application.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>The changes also include amendments to the Hong Kong Companies Ordinance to clarify that statutory civil and criminal liability for misleading information in a prospectus applies to IPO sponsors. Criminal liability will depend on whether a sponsor firm knowingly or recklessly approved a prospectus containing an untrue statement (including an omission) that was materially adverse from an investor's perspective.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>The new regulatory measures are in some part a response to a number of high profile cases involving difficulties at Hong Kong listed companies, where the Hong Kong Securities and Futures Commission (SFC) found significant deficiencies in the due diligence carried out by sponsors.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>The new requirements will apply to listing applications submitted on or after 1 October 2013. Legislative amendments regarding prospectus liability will follow a separate timetable.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>Learn more about the background to the recent changes to the sponsor regime by accessing the SFC's consultation paper on regulation of IPO sponsors <a href=\"http:\/\/www.sfc.hk\/edistributionWeb\/gateway\/EN\/consultation\/openFile?refNo=12CP1\"><\/a><a href=\"http:\/\/www.sfc.hk\/edistributionWeb\/gateway\/EN\/consultation\/openFile?refNo=12CP1\">here<\/a>, and the SFC's consultation conclusions <a href=\"http:\/\/www.sfc.hk\/edistributionWeb\/gateway\/EN\/consultation\/conclusion?refNo=12CP1\"><\/a><a href=\"http:\/\/www.sfc.hk\/edistributionWeb\/gateway\/EN\/consultation\/conclusion?refNo=12CP1\">here<\/a>. You can also access our newsletter summarising the key elements of the new regime and details of a new industry initiative coordinated by Charltons to develop due diligence guidelines <a href=\"http:\/\/www.charltonslaw.com\/en\/newsletters\/HKLaw\/2013\/20130930\/20130930-NewsLetter-HKLaw-detail.html\">here<\/a>. For more on the due diligence process, click <a href=\"https:\/\/charltonsnaturalresources.com\/en\/listing-process?id=20\">here<\/a>.\u00a0<\/p>\r\n<!-- \/wp:paragraph -->","_et_gb_content_width":"","inline_featured_image":false,"footnotes":""},"categories":[26],"class_list":["post-72","page","type-page","status-publish","hentry","category-sponsors","cat-23-id"],"_links":{"self":[{"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages\/72","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/comments?post=72"}],"version-history":[{"count":29,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages\/72\/revisions"}],"predecessor-version":[{"id":232774,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages\/72\/revisions\/232774"}],"up":[{"embeddable":true,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/pages\/70"}],"wp:attachment":[{"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/media?parent=72"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/charltonsnaturalresources.com\/en\/wp-json\/wp\/v2\/categories?post=72"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}